Lab-grown diamonds have gained an increasing popularity each year. The previous year has been the year where there are an extensive production, consumption, and adoption of Lab-grown diamonds. The primary reason was the increasing demand for environmental friendly pieces of jewelry and growing disposable income. So, if the previous year was a success, what does it hold in the future?

The Asia Pacific gained a leading share in the growth of a Lab-grown diamonds because of the countries like China and Indonesia that leads the diamond market. They are also known for low operational costs for setting up manufacturing units. Diamonds are known as a precious and magnificent stone set in a jewelry. But that’s not all, diamonds are currently being adapted for different technological applications. In fact, just a 30% of Lab-grown diamonds produced worldwide are of gem quality. So the rest were used in other aspects of life. An example of this is found in the Electronic Industry. They are using Lab-grown diamonds for conductors and wafer substrates. There have already been varieties of technological applications of diamonds in use nowadays. But each passing day has been a continuous growth of trying to come up with new and advance the technological application of diamonds.

Lab-grown diamonds are created artificially from carbon and the process of making one only just require practically three weeks. It is compared to tens of thousands of years for natural diamonds. Colored diamonds have also been a trend in fashion. Aside from the fact that it can be grown easily in a laboratory setting, it also takes much lesser time as to the natural mined diamonds. This is what makes them one of the extensive attractions for luxury jewelry market. Various social media platforms and internet blogs have acclaimed the rise in the adaption of Lab-grown diamonds above naturally mined diamonds. The millennial generation has been the major prime mover for many jewelers to add Lab-grown diamonds in their choice of jewelry.

Apart from being the current trend in fashion because of its similar quality to the natural one, it is also valued at a lower price. Lab-grown also known as cultured or synthetic diamonds have a lesser negative impact on the environment and the people. As compared to the natural ones that require deep excavations that often leave the ecosystem damaged until the mine is closed. An additional negative effect includes high carbon footprint and water pollution. It can already be claimed that the lab-grown diamonds have a high chance of sustainability. But there is also a chance that it would have a negative effect on the entire diamond mining industry. Workers, polishers, miners, and retailers will all feel its downside once consumers start patronizing the lab-grown diamonds.

Although cultured diamonds comprise just the 2% of the global diamond production, sales are expected to increase for the coming years. In regards to their value, it would be at around 30% to 40% lower than the natural mined diamonds. An increase in the transition from natural to synthetic diamonds is considered to be an effect on fashion trends which is highly anticipated in the growing market demand.

Considering those facts mentioned above, it is clear that the Lab-grown diamonds have a place in the diamond market in the future.